Embracing Retirement: 2 essential components for a smooth transition

Author: Leigh Jobling, Partner, TAG Financial Services

As you embark on the journey from work life to a stage where work may no longer occupy much, if any, of your time, it becomes important to re-evaluate your priorities and aspirations.

Retirement planning comprises two crucial components. The first revolves around securing your financial well-being, ensuring that your monetary affairs are in order, to support the lifestyle you desire. However, equally significant is using your time in a meaningful way.

How are you going to spend your time?

The transition to retirement can leave you pondering the question: how will you spend your time now that the routine of work is no longer there? Work often provides structure, purpose, and a reason to get out of bed! Consequently, without it, you must find ways to create structure and meaning.

We encourage our clients to think deeply about how they plan to spend their time in retirement. After all, once you have a coffee, walked the dog and read the newspaper, what will you do after 10.00am? Will it be engaging in volunteering, rediscovering the joys of golf, exploring new destinations through travel, enjoying your role of grandparents by looking after the grandkids, nurturing a passion for gardening, or perhaps learning to play a musical instrument?

With the wonderful opportunity of many great years in front of you, it is essential to contemplate what needs to be done and what changes need to be embraced to ensure that your time is spent on what truly matters to you. Avoiding regrets about how you utilise this phase of life is a goal worth pursuing.

Transitioning Your Finances

Among the many facets of transitioning into retirement, one key area where TAG can provide invaluable assistance is in managing finances. While overseeing a share portfolio may have been enjoyable during your working years, it may not align with your desires and priorities in retirement. Often, with couples, only one person assumes full responsibility for the household’s financial matters, leaving the other with limited knowledge about superannuation, investments, bank accounts, bill payments, and other financial intricacies.

At TAG, we witness couples gradually entrusting more of their financial management to us. This not only affords clients the time to pursue their passions and interests, but it also ensures that their investments and other financial aspects are handled by professionals, especially as they become less willing or able to manage such matters themselves.

While family members can undoubtedly play a supportive role during this transition, having a trusted advisor by your side can make a significant difference. Our team can guide you through the process, offering valuable insights and expertise.

It’s better to be proactive and have an orderly transition. Don’t wait for an emergency before taking action.

Any questions?

If you have any questions please contact us on 03 9886 0800 or via email.

Become Money Smart
Build your financial knowledge and join our online community where you will receive TAG updates and invites to our Information Sessions.

Meet with us
If you would like to discuss further, contact us to arrange a time.


Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2023. Please do not reproduce without the expressed written consent of the author.